UPDATE: EU Commission Seeks Sanctions on Spain, Portugal Over Budget Deficits (FXE)
(Updated - July 7, 2016 10:09 AM EDT)
EU Commission seeks sanctions on Spain, Portugal over deficits, according to Bloomberg.
UPDATE - EC vice president Valdis Dombrovskis commented in a statement today: The two countries have veered off track in the correction of their excessive deficits and have not met their budgetary targets. Reducing the high deficit and debt levels is a pre-condition for sustainable economic growth in both countries.
EU officials will meet in Brussels next week to determine whether to endorse the ruling. The EC would have 20 days to propose fines and suspend some European regional funds if the measure is endorsed.
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